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Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 23% tax rate, calculate the after-tax cost

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Cost of debt using the approximation formula For the following $1,000-par-value bond, assuming annual interest payment and a 23% tax rate, calculate the after-tax cost to maturity using the approximation formula. (Click on the icon here The after-tax cost of financing using the approximation formula is \%. (Round to two decimal places.)

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